European debt concerns spark bond market sell off
European bond markets were alarmed on Monday after concerns emerged over Italy's fiscal sustainability, sparking a sell off of Italian bonds.
The yield on Italian ten-year bonds rose to 5.53%, widening the spread to the German bund to 284 basis points at 17:30 UK time. The cost of insuring an Italian default for five years also increased, with the 5-year midpoint on Italian credit default swaps (CDS) rising by 50.6 basis points, to 293.4 basis points. Spreads on Greece, Spain, Portugal and
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